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is a highly regarded securities lawyer, a professor at the university of san diego law school, and an expert on sarbanes-oxley. >> the idea was to have a criminal statute in place that would make ceos and cfos think twice, think three times, before they signed their names attesting to the accuracy of financial statements or the viability of internal controls. >> and this law has not been used at all in the financial crisis? >> it hasn't been used to go after wall street. it hasn't been used for these kinds of cases at all. >> why not? >> i don't know. i don't have a good answer to that question. i hope that it will be used. i think there clearly are instances where ceos and cfos signed financial statements that said there were adequate controls, and there weren't adequate controls. but i can't explain why it hasn't been used yet. >> we told partnoy about eileen foster's allegations of widespread mortgage fraud at countrywide and efforts to prevent the information from reaching her, the federal government, and the board of directors--in violation of the company's internal controls. i mean, th
ad law that will allow for the restructuring of their banks. this essentially means their sickest and largest banks will be down sized and made more healthy. this was a key demand by the european partners in order to secure a 10 billion euro bailout for the country. when the law is passed depositors who hold less than about $130,000 they will be fully protected. those who are above 100,000 euros are likely to face loss. they may get equity in a new bank, we'll have to wait and see. but bottom line this is what we needed to see by monday in order for the bank to be able to reopen on tuesday with the key backing of the european central bank. back to you. >>> many thank to cnbc michelle caruso-cabrera. let's bring in our contributor, andy bush, author and publisher of the "bush update" and lecamp. >> i would caution optimism. there's going to be a bank run as soon as these banks open up on tuesday. the corporate money will pull out as fast as they can. we're not sure how much will destabilize what's left of the cypriot banking system. this isn't like an earthquake but this will help
of this country was supposed to vote ten hours ago to pass a law that would allow them to restructure the banks. we're still waiting. it's unclear if they are going to vote today at all. at the same time we're getting reports that maybe the european union is going to demand even more from this country. hours ago we were told by the leader -- the head of the leading party that they were extremely close to a deal and yet we still wait. the same time it's growing increasingly chaotic in this country's economy because the banks are still closed. they have been closed for seven days now. it looks like they will be closed for at least ten days. that means people running businesses can't do payroll, can't access their capital accounts. becoming incredibly difficult, become a cashless society because people are limited to 260 euros out of the atm. as a result, for example, gasoline stations only accepting the cash, the vast majority of them. some are accepting credit cards but only in limited amounts. we spoke with the owner of one gas station and he explained that his suppliers are demanding cash up f
campaign against her to law enforcement. >> he and his team went to see various agencies of government and law-enforcement agencies. >> about you? >> that's what i am told -- that that's exactly what they did. >> a spokesman for perkins confirmed that, indeed, he did go to the s.e.c., the f.t.c., the justice department, and the california attorney general to complain about the tactics used in the leak investigation. >> if you have enough money and you're willing to spend enough, you can buy and sell somebody's reputation. >> and you're charging that's what he's done? >> that's is what he did. >> you're saying, if i understand you, that tom perkins set out to get you? >> he wanted me off the board. this was to get me off the board. i don't know if he ever thought through the consequences that would go beyond my getting off the board. >> well, you said he went to law enforcement. >> well -- >> that takes it another step. >> it does take it another step, and here i am today with an indictment over my head. >> are you saying he's responsible for that? >> well, i don't think i'd be sitting
and there are similarities and the one similarity on this trading floor is look at the gm bankruptcy in the rule of law in the pecking order of financial liabilities, are there similarities? does it rhyme? there's definitely a little anxiety here and how it works is out anybody's guess. right now safety doesn't seem to be as rampant as one would expect. look at a two-day chart of ten and certainly we're down a handful of basis points, but if you open the chart up year to date you can see the pattern and it hasn't been violated that much and we're in a seven-week low yield and look at the backyard of cyprus and you see a different picture and these are ten-year booms and look at year to date and we're making new year to date low yield on the boom because the comp is it's under 140 close on december 31st. let's switch gears here. let's look at a november 1st start date to the euro. you can see that the euro right now is hovering at the lowest levels based on the close that we don't yet know about december 7th. pearl harbor day and it was comping back to november because it isn't on its lowest levels. if
at this saying, this time it's about the russian oligard. but if you don't follow some rule of law on these -- >> one more thing, barclay's, one of the few houses putting out research over the weekend put out this bar chart to show the size of the relative costs of banks bailing out the banking system based on gdp. look at cyprus. it is so outside. ireland comes next and greece. spain, italy. they don't even come close. there's 600 billion euros of senior debt in italy. >> three practical questions. first, there's a bank holiday today. there's a bank holiday technically tomorrow. >> probably. >> if you want to get your money out of cyprus, you can't. >> impossible. >> two, when there was a crisis in -- when we thought there was a true crisis going on in italy and spain, corporationes and some institutional investors put their money in, but retail did not for the most part. so what happens in cypress and what happens across the board? even in the u.s. whether we have -- it's called runs. >> why do you touch anybody under the insurance level, though? >> i agree. that's where the writ
! >>> >>> the tiny island of cyprus sets off big scare with plans to set off the rule of law. they want to tax all bank depositors large and small to pay for a bailout. this has never happened before.e are in trouble. if nothing happens, optimism runs the show. cyprus is the money ground for dirty money from russia and other rogue nations. the government of cyprus is scared to death of insulting vladimir putin. we'll have an expert who will play this scenario out for us. "the kudlow report" begins right now. >>> first up, let's get the latest on the cyprus report. michelle joins us by phone. >> good evening. the details are changing, but the one core fact important to investors is true. for the first time ever in the european crisis, portions of bank accounts will be seized in order to pay for a bailout. cyprus agreed to this to get a 10 billion euro loan to bail out their banks. what is still unclear and controversial is whether insured deposits will also be seized. original plan was if you had an account in cyprus with less than 100,000 euros, would you have to pay a tax even though it falls bel
people and middle class people that use cyprus because of the rule of law, common law, the double tax treaties we have. it's a mistake to think that it is a very special class, of very rich people. these russians have their lawyers, their accountants, many of them have their families living in cyprus. they have their friends. we have a relationship that can with stand a shock like this. >> bearing that in mind, are the banks going to open on tuesday morning? >> i cannot say that. i cannot say that. it's always a mistake to say something like this when you are not completely sure. there is a lot of work to be done. but they will open very soon. >> and how long do you intend to use the capital controls? >> that also i cannot answer. but, again, our objective to keep them as limited and as short as possible. >> and finally, you bypassed the democratic process of a parliamentary vote with this field. will you consider tendering your resignation when you get back to cyprus? >> no, no, we did not bypass the poll. we passed a number of laws two nights ago. we have kept party leaders ip forms
the european markets. here, unprecedented and contrary to the insurance laws, and the rule of law concept, they are taking the money from the depositors. what faith will they have now, aside from cyprus, what are the other member states and their deposits have to say? remember, the concept of the eu was to have a unified national union of sorts. in this country, if we had one state or one bank going under, we wouldn't expect all the depositors throughout the united states and every bank to contribute. on the contrary. >> now, i understand that about half of the depositors are russians. which is also interesting. >> well, and that's the backstory. >> give me the backstory. >> my interpretation of the backstory is, if you recall, the troika, sneao to speak, has bee looking for an alleging of laundering money. it's been going on, they've been looking for this and nothing's been found. it's like accusing someone of a crime and expended so much time and energy and not finding it and now they've got to extract some basis of retribution. >> so it's basically like saying, we know you've been mone
at the borders to make sure people aren't bringing out large amounts of cash. normally under european law, that would be prohibited. but there are exceptions for emergencies. it's going to be pretty tough here over the next couple of days, larry. and if they don't come up with a deal, which people still think is actually quite possible, this could be a situation where we're talking about a country leaving the euro. but we're not there yet. back to you. >> all right. many, many thanks, michelle caruso-cabrera, we appreciate the update. you'll continue to give us live reports tomorrow on cnbc throughout the day. meanwhile, the finance minister of cyprus will present a plan to russia tomorrow that apparently would have the oil and gas company restructure the cypriot banks in return for full natural gas exploration rights. of course, this would bail out the russian money launderers and other depositors in the cyprus banks. no doubt, russia is invested in this crisis. the country reportedly keeps $19 billion in personal deposits in cyprus. nobody knows what that means. nobody knows what the pa
parliament to pass a new law that would give him the ability to wind down one of the troubled banks in this country. this is a signal of the solution that they're finally going to try to seek in terms of getting out of this crisis. right now, he doesn't have the authority to shut down one of the banks, which is pretty odd. most countries, the central bank does have the authority to shut down banks. they need that law passed so they can begin the process. that would be one of the conditions it would have to meet in order to get the bailout from the imf, the european union, and the ecb to prevent the financial collapse of the country on tuesday, when they try to reopen the banks. >> in terms of that one bank, what would be the ripple effects of closing down that one bank? >> reporter: well, it would save them a lot of money, because they don't have to recapitalize it, right? that's why the european union would laike it, because it woul reduce the bailout cost needs. at the same time, you can assume that a lot of employees are going to lose their jobs. there are about 2,000 people who
is basically the states started passing abortion laws, and the supreme court swooped in and said it's all or nothing, and that debate rages 40 years later. i don't know the supreme court will find a constitutional right to marry for anyone because this is something that's traditionally left to the states. public opinion aside, this is not a popularity contest. this is not do we all know and love somebody who's gay? because we all do. >> the supreme court has already recognized there is a fundamental right to marry, it's repeatedly held that. and it held that most famously in the 1967 case, loving versus virginia, which is a case that said the states' decision about making interracial marriage illegal was not constitutional. so having states make these decisions on a fundamental right like marriage is not acceptable under the constitution. >> i would argue it's a little bit more complicated. the problem is this. people who are allowed to get married -- and this is actually the case that's going to be argued tomorrow. people who are allowed to get married, which is now nine states plus d.c.
of years. john boehner said, it's the law of the land. he walked that back afterwards, but that is what he is thinking. this is a fight that will take place in policy documents and political documents like ryan budget but when it comes to funding -- voting on bills that will become law, obamacare -- >> this continuing resolution does not have funding for bom a bomb -- for obamacare. >> it won't. >> they will find a deal to fund it through other monies, they will not crimp it, obama will not sign thinking that will slow it down. >> we will track it, i have to jump, this is a big fed day, stocks generally liked what they heard from ben bernanke, i wonder if he was signaling a little let easy money, that is my take next up on kudlow. there's this island -- and it's got super-cute kangaroos. barrow island has got rare kangaroos. ♪ chevron has been developing energy here for decades. we need to protect their environment. we have a strict quarantine system to protect the integrity of the environment. forty years on, it's still a class-a nature reserve. it's our job to look after them. ...it's
's law. the next supreme court justice nominee is certainly going to be asked did you pay your sales tax on your internet purchases. and the answer is likely to be no. this will be the equivalent of the old nanny taxes. this is an efficient way of collecting taxes owed. plus let's face it, state governments have a lot of expenses. they have police, firemen and they have to pay for them. >> by taxing? >> it's not fair to compete with brick and mortar retailers. they have to pay it. >> it took a little while but we finally smoked it out. he wants the state to have more revenue for spending. i want you to follow up, grover on what he's saying. is it true all these republican governors really want this? >> well, no. some governors want higher taxes that other people will pay. they'd love to have the federal government pass a law that gave them money and they'd go, oh, look, i don't have any fingerprints on this tax increase. if they wanted to steal this money themselves from their own citizens, they could do that yesterday. this is all a big goldberg contraption to get money out of other peo
followed by a grand coalition with a narrow mandate, including to change the electoral law is the most likely venue. >> how pressing is the need to change electoral law so that if there are fresh elections held, there would be a clear outcome the next time? >> i think it's important. it's important because if they set up in a way in which they stable the larger parties, central right and central left, it will make the outcome of elections more likely to be stable for the next time around. and i think the incentives may be aligned in that respect to play against the pakistan movement. so we think that -- and also it's just needed a 51%. solo it's never easy, we think this time around incentives might be aligned for that change. >> okay. and still italy's market holding up reasonably well ahead of all of this. details on that hopefully out later on today. >>> ahead on the program, oecd's secretary calling for calm over cyprus. do you think the country will leave the eurozone? find outway told cnbc when we come back. impact wool exports from new zealand, textile production in spain, and t
. michelle? >> hey, there, me list sachlt just moments ago, the parliament of cyprus passed a crucial law that will allow for the restructuring of the troubled banks in this country. this is a huge step, because it helps meet the demand of european partners who were waiting for this in order to lend the country 10 billion euros. additionally, important to know that deposit holders with accounts less than 100,000 euros will be fully protected but those above 100,000 will likely be at risk. they'll have to execute over the weekend to meet the deadline by monday, that has been set by the ecb to keep supplingly kwidty. melissa? back to you. >> michelle, thank you so much for that. mike, just quickly in terms of the market action on monday, do you think we're going to respond to this? >> probably see a mild bump to the upside, but really, the issue here is, are we going -- i just don't think it's that important thing. >> all right, our time has i'm melissa lee. "mad money starts right now." >>> i'm jim cramer and welcome to my world. you need to get in the game! he's nuts! they're nuts! they k
the letter of the law than in a place like cyprus and the european union and over let issue is the country and seeing whether or not they can back fdic insurance and we don't have that problem at this point. >> cyprus is hoping to raise money from their bank deposit tax because when the banks do open up and they're closed until thursday. if you're a russian oligarch with $1 billion in a cypriot bank account that is facing a 9.9% tax above 100,000 euros you are going to pull that out and go to jersey -- not new jersey, the cayman islands. >> and they will have it. >> they say it will be one time. >> they'll raise 10 billion and 20 billion. >> they'll come back and that's the issue. >> no, they won't. they'll raise 10 or 20 billion in a one-time move and they'll lose hundreds of billions and the european markets will wipe out hundreds of billions in capital. >> they're doing what they need to do to raise the 5.8 billion euros to get the imf and ecb bailout and they'll deal with the consequences tomorrow. >> this is the old imf. when the imf came to korea in the '90s. when the imf came to lat
is the rule of law being brought into question. can rules about depository insurance change over the course of a weekend? i think the size of cyprus right now, what it represents directly is not a threat. we're assessing. but if this is contained in some broader bailout oriented scheme, i think it could be something weathered by the markets. that said, the rule of law being brought into question is not a good thing. >> steve sacks, are you seeing a reaction in some of the european etfs out there? or are you seeing the same kind of money mentality going into exchange traded funds? what are you seeing out there? >> maria, it's really the same reaction we're seeing in broader equities today. you know, basically an overreaction. you know, we saw higher volumes in volatility spike on the open this morning with that gap lower. we've seen volumes in money flows just sort of steady out throughout the course of the day. obviously a lot of talk this morning on wall street about, you know, what happened over the weekend, you know, with cyprus. at the end of the day i think the market pretty quickly di
that we see going on between what happened in the sarbanes-oxley law. when it was passed, we saw a lot of merger and acquisition activity that took place. a lot of companies basically copitch lating because they couldn't cover the cost. we've got two major pieces of legislation that are taking place right now in the dodd/frank bill, in the financial sector, and in obama care, and in the health care sector. i think you're going to see some of the same things happening. you're going to see a lot of merger and acquisition activity. i like manhattan partners here. >> who gets hardest hit, as a result of obama care and dodd/frank? where are the areas of this market that you want to avoid, given this higher regulatory environment? >> when you see the passage of the sarbanes, you saw a lot of the smaller companies. they merged the together because they needed to get the economies of scale to cover the cost of all that regulation. i think you're going to see some of the same things happening -- >> smaller and mid-cap -- >> exactly. >> rick santelli, we did not forget about you, i assure you. w
to terrorism. the response to the embassy bombings in africa were treated as law enforcement issues, but 9/11 turned our responses into the global war on terror, and the congress is still debating the president's authorities in that arena, the drone debate. whether a particular cyber attack meets the threshold of being an act of war is likely to depend very much on the political and military situation at the time that that happens and not necessarily on any definition that you could put in place up front, sue. >> speaking of that, we know that treasury secretary jack lew is this china this week and a big part of his agenda is addressing these cyber attacks. you have news on the man that chinese group that reportedly has been sitting those u.s. sites recently, including some of the banks. >> yeah, that's right. i have been talking to the folks at mandian. it's the private american consulting firm that put out the ground breaking report in which they named the chinese army unit they suggested was responsible based in shanghai for attacks on american companies. they are telling me they, in fa
of mine from law school is by no means a guy that fell off the turnip truck. he is the most shrewd evaluator of tech companies and then, listen, this is worth a lot more. maybe icahn doesn't like michael dell and that school yard crying game. >> strawberry on a sunday? >> i tell you that. from's there's so much money. the fact is we don't want to talk about the $100 billion vodafone deal. what the heck is happening that a year ago all we cared about was whether -- whether italy was going to go over 7%. now we're thinking this dell deal and three buyers, maybe they paid 15 because they're getting a very solid pc company. personal computer? what do i use? i have hewlett-packard to get in the mix. i'm on a dell. maybe that's the thing. we're keeping them a float. >> i know there is a rival station that has another name in front of it. i wonder if you peel it off if it's dell and it's a sub move by dell. >> i never watched that station. >> you get caught. >> let's say you're a dell shareholder still. you sell now or you wait. >> i thought you sell at $14. i am out of the running of peo
... and launch your dreams. at legalzoom.com we put the law on your side. ♪ [ male announcer ] this is a reason to look twice. the stunning lexus es. get great values on your favorite lexus models during the command performance sales event. this is the pursuit of perfection. >>> julia, this sounds logical for him. why not? it's a key issue in the silicon value. >> he has a lot of money to spend and he wants to make a difference. what he really cares about is immigration reform. all of these are things designed to boost the internet sector. >> some of the reports i read suggest that there are other heavies like john door who may be contributing this as well. >> so far he has already come out on education, immigration and on science. >> and it's really smart. >> one of the reports had a long time gop guy getting involved. >> watch out for the google glasses. the legislator says it's like wearing a computer. it's dangerous and similar to texting and driving chblt. >> i haven't signed up. you remember that science project thing? get away from him to do this. you know, the geeks are very excited. i'
and ukrainians who deposited much 06 their wealth here in cypress because of lax banking laws and there's been widespread allegations that these russians and ukrainians have used these accounts to launder some of their money and that is exactly why germany wanted depositors to take losses in this bailout. >> thank you so much. we'll have plenty more as we continue to follow this story. let's get straight to mark oswald who joins us around the table. mark, from an investor point of view, because there are a lot of different angles to this, how do you expect markets to react? what do people make of this today? >> i thought the initial reaction was quite appropriate when we marked spain and italy down in bond terms and buyback two points or about 20 basis points on. but pretty much on the all, there were buyers in there, which surprises me. it suggests within the marketplace and we've seen it within the rally of the euro, there is a degree of complacency that cyprus isn't really that important. this is a very specific issue and it's not going to unpick what mr. draghi has achieved, what's there i
. and if the europeans have laid down -- if the eu has laid down these strict laws, guidelines and said we're not giving beyond that, it's a problem if they cross the imaginary line at that point, anyway. >> and it's fascinating. it really is about russian oligarchs that were parking money in places that they knew -- because the real story is much more interesting. >> you can understand why the germans are like, forget it, we're not bailing them out. >> exactly. and they're fed up in general. it's like seinfeld. they don't forget the -- >> they have a different sense of humor, very different. >> i'm german, too. >> i know. so you're allowed to -- >> i'm allowed to say that. >> let's take a look at the global markets report. kelly evans is standing by in london. kel le, tell us more about any potential ripple effects if there are any. >> becky, here is what is so interesting. if you were to take a glance behind me, having heard the reports from michelle or news out of cyprus or lack thereof this morning, you might think this is contechnologion from that event. not necessarily. what's interesting is this
care law. the senate voted on the tax but the resolution is not binding and it will not change the levy. so they get to say we voted to repeal it even though it doesn't actually repeal it. >> you said dumping duties? >> i said anti-dumping duties, actually. >> dumping duties. let's check on duties. >> d-u-t-i-e-s. >> okay. let's check on markets. i saw them early, even though -- >> duties? >> duties. kyle, you're still doing that, right? >> duties? yes. he doesn't call it that. >> oh, yeah, lots of them. you want a healthy -- you know? it's a growing boy. he's a big, strapping kid. >> he's got it. >> futures indicated higher even though europe is lower, up 13 points or so. not a great day yesterday. we lost about 90 on points. there's what's happening in crude this morning, up 21 cents a share -- or 21 cents a barrel. treasuries, 1 is.9%. i would have been watching grass dry for the last year or two and there's the dollar. 12.29 on europe. and then, you know, you would figure gold might be a little more. no -- >> yeah. one of our guests yesterday was somebody that thinks that gold is no
to help finance the national health care law in the early part of the obama administration. the reason it's spring training is that budget resolutions themselves are not lost. so these are not binding votes, but they're a way to test sent ims for what they make later on and that's what we're seeing on the online sales tax situation. 48 states already have laws on the books requiring online retailers to collect state sales tax, but those laws are often ignored and you have a bill that has some bipartisan support that would require all states to collect those taxes. if split, the big box brick and mortar retailers from online sellers and it's also split some of the online community. amazon is supporting this, but ebay is against it. they're looking for a carveout for their business model. so what we're going to see is does this effort to collect these taxes have more than 60 votes? if it does, that's going give momentum to this cause later on in the congress, maybe give a push to the effort in the house although it's going to run into the difficult anti-tax sentiment in the house among repu
they are worth, they have been banned both in law and in practice for over a century. now, here on "mad money" we play oligopoly, which is the next best thing. when you find an honest to goodness old oligopoly, remember, this is an industry controlled by a small number of players and protected against new competition coming to the marketplace. that arrangement gives existing players enormous pricing power. we have talked about this with the airlines where my favorite right now are us airways for its merger with amr as well as spirit airlines for the ultra low cost growth play. people at jim cramer on twitter, ask the other airlines, those are the ones i like the best. the rental care oligopoly, hertz and railroads where i favor the short line. no, i don't, i favor norfolk southern. that's for a coal rebound. and especially kansas city southern for shale and autos up from mexico. and one more sector to put on the oligopoly board and that's the refiners. this may seem like an industry with too many players to be an oligopoly, cvr, then you have the big integrated oils with the internal refineries,
like fort knox. this is the first for private gold. and the law says if the federal government pro ports to confiscate we consider that null and void. this would be a way to prevent that. so you would be relying on texas sovereignty. >> this is interesting. you hear of the germans bringing gold and not wanting to leave it in the u.s. >> hugo chavez did that a couple of years ago. he had armored cars going through the streets of caracas. azerbaijan, small player, but they're taking their gold. it's being debated in the netherlands. so what we are seeing is a slow motion de-money taoeuzed. fort knox and west point have our gold. the fed has everyone else's gold. >> should i be investing in gold etfs? >> sure. etf is good for short-term. on a long term, you want to hedge or insure against some cat traffic outcome. it was closed after sandy. >> so you think you're hedging against a disaster. >> the exchange won't be there but the gold will. >> and you need it to pay for something i guess? are we talking about a revolution, nbc apocalypse or zombie apocalypse. >> what you are doing is t
. protect your family... and launch your dreams. at legalzoom.com we put the law on your side. [ticking] >> that's beautiful. >> this wasn't the first hard landing on the space coast. there were big layoffs in 1972 after the last mission to the moon. but here's why it's worse 40 years later. when we left the moon, nasa was already years into designing the shuttle, and it looked like it would be that way now because president bush approved a program to follow the shuttle. the new manned space program rocket was supposed to be called constellation. >> mm-hmm. >> and now you guys call it-- >> all: cancellation. >> unfortunately. >> lou hanna and joe urich, holly petrucci, and mike carpenter planned to transfer from shuttle to constellation. they were encouraged when candidate barack obama came to brevard county in 2008, three months before the election. >> i'm gonna ensure that our space program doesn't suffer when the shuttle goes out of service by making sure that all those who work in the space industry in florida do not lose their jobs when the shuttle is retired, because we can't affo
made a time and probably would be practicing law at a small midtown firm. because i was mostly long or owned stock during the period of the greatest advance i can tell you. in confidence, guess what, it's -- it's off the record. off the record. we're off the record, right? i did pretty well. nonetheless, somehow i believe that -- had there been a twitters oty 30 years ago, i bet i would have been roundly criticized every step of the way for not knowing the true negatives for whistling past the graveyard, for not doing my homework, for being oblivious to the really horrifying concerns out there. 30 years later, the exact same conversation takes place onli online @jimcramer on twitter, join it, every day. even though i'm no longer bullish, i've been accused of being ignorant of every positive out there. same thing happens in my back and forth every day with very smart people who are forever trying to con -- i mean, get me to become more negative. now, in case some of you think i'm impermeable, please remember in 2008 when i told people to sell stocks at dow 10,000. fortunately, i was
of economic projections has kind of a, seems like an oakens law dilemma there. they have reduced the projected rate of unemployment, at the same time, lowered the growth forecast. so how do you square those two? how do you get sustained improvement in the labor market if the economy is going to slow down? >> well, if, in fact, that happens, it's an issue, obviously. there's been some disconnect, at least in the short run, between unemployment rate changes and growth during this recovery, and there have been periods, at least, where unemployment has fallen relatively quickly, even though growth has been more limited. so we're just going to have to monitor developments in the economy and see what happens. you're right that we're not forecasting extraordinarily strong growth, but it is also true, as i think you noted, that our projections for unemployment in the fourth quarter are noticeably lower than they were in september when we first announced this asset purchase program. so there has been some improvement in the outlook, as measured by that metric. but you're right, you know, we do need to
of the health care law, that's going to go into effect, there are significant unintended consequences that was not thought out as much as it should have, that will significantly affect the cost structure of small businesses. and this is an example, where i think you've got to be very careful with this kind of transformation legislation that ultimately, perhaps, has a negative effect on the economy. >> and did you want to get to something you said was misleading? >> well, i think -- that's the starting wage that you're talking about, but most starbucks people are highly tenured and are tipped throughout the day. so it's not a real number. >> and before you go, you've got to give us some reaction to this comic book, basically, about your life. you're now a super hero, howard. >> you know, that's one of those things where i just woke up one day and i could not believe that someone would spend the time writing a comic book about me. there must be a lot more important things to do. >> howard, good to have you on the program. we appreciate your time tonight. >> thanks, maria. >> howard schu
business dream a reality. at legalzoom.com we put the law on your side. zap technology. departure. hertz gold plus rewards also offers ereturn-- our fastest way to return your car. just note your mileage and zap ! you're outta there ! we'll e-mail your receipt in a flash, too. it's just another way you'll be traveling at the speed of hertz. and his new boss told him two things -- cook what you love, and save your money. joe doesn't know it yet, but he'll work his way up from busser to waiter to chef before opening a restaurant specializing in fish and game from the great northwest. he'll start investing early, he'll find some good people to help guide him, and he'll set money aside from his first day of work to his last, which isn't rocket science. it's just common sense. from td ameritrade. >>> welcome back. inside the five minute mark here. let's review. >> yep. >> headline risk is what they call it. looked like we were off to the races first thing this morning. dow was in all-time high territory. s&p was this close. then the dutch finance minister came out and said, you know that bail
that they are going to pass a law that gives the central bank the right to shut down banks in this country. they didn't have the right to do that before. if you don't understand a lot about banking or bailouts, this is very simple. if you shut down a bad bank, you save a lot of money. if you try to save a bad bank, it costs a lot of money. you have to pour capital into it. you have to dig a hole in the ground and pour money into it to have a very strong base for a bank. the worse the bank is, the more it's going to cost. it gets a lot cheaper just to shut it down. they're going to split into a good bank and a bad bank. the impaired assets will sell off over time. what is likely to happen is the junior bondholders, senior bondholders will get wiped out, all the equity will go away, of course. in-sure depositors i am told will be fully protected. nobody below 100,000 yeuros wil lose money. losses, those people will get equity in a new bank. the protest is related to the fact that 2,000 people are likely to lose their jobs as a result of that shutting down of the bank. in the meantime, people have gotte
and create jobs and maintain jobs. >> would you say that the labor, the rigid labor laws in europe, france, wherever, does it make you do different things in terms of hiring than in other countries around the world? >> well, you know, it is a different perspective, right? france is a specific, you know, case. >> talk about that. >> yeah, it mean, what needs to be done in france is, you know, to make sure that the labor laws but also the cost of labor is more attractive for companies to invest. but on the other hand, you know, in france and in europe, the level of education for people is very high. so we have a very, very strong, you know, population to work. we have very strong infrastructure. so it's also a big place to invest. >> are you a supporter of holland and some of the things he's done? >> well, you know, they've done a few things. i would love to have more to be done, to be done because i think, again, france needs to be more attractive. >> are you rooming with -- >> i thought he was in russia now. >> even though he's an honorary citizen. >> we have a lot of business in europe, i
of the things we've learned about this market, it is not a court of law where we like have a prosecutor and defense attorney and they duke it out and then we put. stock in prison. there's like -- we have furloughs -- >> i'm the judge. i can do that. >> i've been calling you the prosecutor lately. but look, there's no grand jury here. thernono grand jury. there are no indictments. there are no convictions. and that's the way this market works. >> i may have a bench trial on this later where i just -- >> i'm going to get a permanent injunction against the sellers. people want to have justice. but fedex should be at $70 if there's justice. caterpillar should be at $70 if there's justice. no, it's not like that. like the bears, cyprus, they have atm problems. jpmorgan should be at $40 because there's justice. there is no justice! >> marry this with this story that's been reported that private ecwift firquity firms ag at mark hurd. does he bring the same hurd premium to a dell that he had brought to oracle or wherever else he went? >> there is such a thing as loyalty. it would really and ter
to happen any time soon. instituting legislation as written is the law of the land for now. >> meaning that you're going to be seeing these huge increases. what do you hear back from some of the big employees when you tell them 32% more than you did last year. >> it's not the large employers, becky. it's the individual market and small group market. this fee of $64 a year goes to every employer. not just large employers. >> what do you hear back when you tell them this? >> a lot of them are surprised. that was part of the legislation that was passed in 2010. >> but do they think you're the bad guys? >> no. we explain where it comes from? >> mark, i would love to ask you about what you have described as your mission to make a all the mindful business benefits that you have brought to the 34,000 aetna employees to make them part of the benefits that they get. would love to hear how that mission is going and what you think some of the next steps will be. >> arianna, that's a great question. >> when employees are stressed their health care costs are $2,000 higher. it has an impact on their
and frank blake because those are big shoes to fill. frank blake, a doctorate in law. frank blake is generous. there will never be another frank blake. >> i didn't like it either. i didn't believe it. all of the other parts of the argument i may be able to buy, but that comparison is a hard one, i think. >> although, who knew exactly what frank blake was going do when he took the gig at home depot, right? >> that's true. >> if you compare it to -- it's an early frank blake reference. it's not saying that this guy is frank blake right now. >> he's geek squad and they'll integrate it correctly. this is not angelina jolie we're talking about. another jolie. you're probably thinking frank blake and jolie. >> if it was angelina jolie i'd say frank blake is in trouble, right? >> i would say angelina is in trouble. >> on sunday, i thought miley cyrus was in trouble. cyprus! >> all right. we are watching best buy shares trade higher in the pre-market. meantime, the bulls are looking to regain their mojo. cramer will show you how to get along for the ride. once again, we're looking to snap
is a far cry from what you'll have to do if you ever decide to go back to law school, because you will have to work 70 or 80 hours a week. >> right. >> so there's nothing too much wrong with getting some practice. >> right. >> michelle completed all the challenges, but did she get all the lessons? until she gets a full-time job, there's no way to make her budget balance. so will she succeed in the long term? only time will tell. but my time with her's up. i think that you have a huge amount of distance to go. i believe that you look very carefully for direction, that you haven't yet developed the maturity to find your own way, and so if they leave you to be self-directing, you flounder a bit. you start defining yourself by all the wrong things, like sunglasses and shoes and handbags. >> right. >> so i think one of the things you have to work on is developing that sense of what it is you want and how you're gonna be self-directing for the rest of your life. because the last thing you want to be is the person who only takes direction. >> okay. >> make sense? >> yeah, that makes sense. >> i ha
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